In the latest round, Rivian took in some $2.5 billion in financing from players like hedge fund Coatue, Soros Fund Management LLC, Fidelity Management and Research Company, and Baron Capital Group. Amazon apparently also doubled-down on its bet, kicking in another undisclosed amount. That makes perfect sense, given that Rivian is already nearing completion of a range of electric delivery vans for Amazon Prime.
In a statement, CEO RJ Scaringe said Rivian’s teams “are working hard to ensure our vehicles, supply chain and production systems are ready for a robust production ramp up” as the company prepares to launch the Prime delivery van, plus its own R1T pickup truck and R1S SUV, in 2021.
“We are grateful for the strong investor support that helps enable us to focus on the execution of our products,” he says.